You don't need a new title. You just need a Lien Release. Contact the lender and ask for a lien release, and keep it with the title.
To legally sell a motorcycle with a lien on it, you will need to pay off the lien first. Once the lien is cleared, you can transfer the title to the new owner. It is important to follow the proper procedures to ensure a smooth and legal sale.
When you buy a car on a loan, the title you get has a LIEN on it (the Bank that you borrowed from). If you want to transfer a title or get a new one, you always need the original title - and guess what - it should have no lien. The lien effectively states that you are not the owner of the car until it is paid for! Write-Off is a term businesses use to describe defaulting loans. They lend money to someone who doesnt pay it back. It's a LOSS for them - they deduct losses while filing taxes... Legally, you will not be able to get a new title since you have a lien.
The lien holder is a person or business who have a concerned interest in a vehicle. Most times a bank or finanacial institution. You need to find the lien holder which is located on the title or can be found be contacting your DMV and giving the VIN and then finding their phone number, I would try calling information. Contact the lien holder and ask if the lien is still on the vehicle or what you need to do about having the lien removed. Sometimes a lien can still be on a vehicle even though it has been paid off, if the owner did not apply for a new title to clear the lien.
You will have to get a new title showing yourself as lien holder
This lien clouds your title of ownership, probably because you owe the association money. To clear the lien, pay the debt, then ask their attorney for a Release of Lien, which you can file at the local county courthouse. This clears your title.
If Ohio is like most other states, the recorded lien effectively clouds your title, so when you attempt to sell the unit, the lien shows up in the title search. As owner, the lien may also appear on your credit rating. The lien must be lifted in order to pass clear title along to a new owner.
What do you mean? Did you purchase a home that has a lien on it? If so, you do not have a clear title to your home and the lien holder can take posession of your property. A lien should be paid off prior to completing a sale of a property. Good Luck
You keep the title. It should show a leinholder listed below, under your name. The new lender doesn't actually need to have the title, as the new lender will release the lien after the payments are made in full. You will then be issued anothe title, showing you as being the sole owner of the vehicle. This is what they refer to as a "clear" title.
You have to take your current title to an authorized agent of the PennDOT and pay the title issuing fee and registration fee to get your plates. If you have owned the car less than six months you need a sales tax receipt. You need a Pennsylvania photo ID or drivers' license. If there is a lien on the title, the situation is more complicated and may require you to pay off the lien, with a new loan from PA if needed. Details are in the related link.
Legally No. How can you sell something you do not own. As long as there is a lien, you do not own the vehicle outright. Go see the lender and get a lien release, if you no longer have a loan on the vehicle. Remember the lender is part owner of the vehicle until you make that last payment. If you clear the lien buy using the proceeds from the sale, you can guarantee a title within 30 days (required by law) to the new buyer. The lien holder will then release the title.
A lien clouds title to a property, which means that the property owner may not successfully transfer title to another owner until the lien is satisfied. As buyer, you are entitled to a 'clean title' to the property. The association may not file a lien against a new buyer upon purchase, since the new buyer is not obligated to pay assessments until the date of purchase and beyond.